{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-e29456cbe117", "slug": "6acbd8e96867", "title": "Innovative Industrial Properties, Inc. (IIPR)", "subtitle": "Grizzly Reports · 2020-04", "author": "Grizzly Reports", "date": "2020-04-09 00:00:00", "pageCount": 36, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Innovative Industrial Properties, Inc.", "targetTicker": "IIPR", "document": { "id": "019dd923-622c-750b-8b9a-e29456cbe117", "slug": "6acbd8e96867", "title": "Innovative Industrial Properties, Inc. 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100, "metadataCoveragePct": 100, "componentCount": 248, "chartCount": 7, "metricSlides": 0, "toolMatches": 15, "documentToolMatches": 2, "frameworkMatches": 13, "arcMatches": 1, "beatMatches": 5, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "3bdeacd1-aa85-4e49-b7e7-cb5aba1cfde9", "evidence": "The 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"matchId": "3bdeacd1-aa85-4e49-b7e7-cb5aba1cfde9", "beatType": null, "evidence": "The report critiques IIPR's deals and tenant performance.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 18, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 10, "name": "Expose Contradiction", "beatId": "364af6ab-9a95-435c-b829-610042107d6d", "matchId": "3bdeacd1-aa85-4e49-b7e7-cb5aba1cfde9", "beatType": null, "evidence": "The report highlights contradictions in IIPR's business dealings, such as suspicious 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0.8 }, { "to": 29, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 29, "name": "Thesis Headline", "beatId": "7f0068cb-0eee-4ff4-a054-072bf44a7251", "matchId": "3bdeacd1-aa85-4e49-b7e7-cb5aba1cfde9", "beatType": null, "evidence": "The report presents its thesis that IIPR's dividend is unsustainable.", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 34, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying 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"structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "6427974c-8712-4c50-958a-10078d43f3b9", "evidence": "The report zooms in on specific tenants, such as PharmaCann and Vireo, to highlight their financial troubles.", "position": 0, "objective": "What are the financial troubles of IIPR's tenants?", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:12.856411+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 24, "from": 19, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "a2b3a709-bf18-4695-8f66-36016f55a445", "evidence": "The report suggests that IIPR's overpaid property values are a sign of a larger issue.", "position": 1, "objective": "What are the implications of IIPR's overpaid property values?", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:12.892648+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 33, "from": 26, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1a0b0835-63d7-4587-9938-9353e1ee389a", "evidence": "The performance of IIPR’s publicly listed tenants is truly terrible.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:11:53.527829+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, 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"narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "378f1e98-032e-4609-ade0-b8a581ad1dff", "evidence": "The property was still in very early age of construction.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:11:53.754514+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Gantt chart", "slug": "gantt-chart", "status": "active", 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"layer": "slide", "agents": null, "matchId": "e9c09928-4a0c-4171-9571-0e0b1e115742", "evidence": "An analysis of the deed records and conversation with county clerks enabled us to get transparency on the purchase history.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:11:54.168559+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. 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Distinctive features: (1) opens with a 'WeWork of Cannabis' analogy and bear-themed branding; (2) heavy use of on-the-ground field photos of empty lots and unbuilt facilities as evidence; (3) deed-record screenshots of warranty deeds with same-day flips between related LLCs to argue sham markups; (4) full property-by-property rent discount table that quantifies the 38%/49% downside scenarios; (5) closing waterfall chart bridges $69 share price down to $22.29 target via rent and yield adjustments. Document is a written research report with embedded images and charts rather than a slide deck — Word/Google-Doc visual style, not editorial design. No named human author; signed only by 'Grizzly Research'. Page-5 'Five IIPR Deals You Should Know About' (page 4 in PDF page numbering — body page 4) is the closest thing to a hero infographic.", "kpisCited": [ { "detail": "38% (good case) to 49% (bad case) of IIPR's 2020 rental income in direct jeopardy", "metric": "2020 rental income at risk" }, { "detail": "Acquired by IIPR for $12.75M in 2018 vs prior $825K sale — ~14x in roughly a year", "metric": "Property markup (Holistic Industries, Monson MA)" }, { "detail": "IIPR paid $4.8M just 4 days after seller bought for $930K — ~5x", "metric": "Property markup (Ascend Wellness, Lansing MI)" }, { "detail": "IIPR paid $18M in 10/2019 vs $1.75M prior sale in 8/2018 — ~10x in one year", "metric": "Property markup (PharmaCann, Dwight IL)" }, { "detail": "Compressed from ~17.2% in 2016 to 13.2% by end of 2019", "metric": "Weighted average portfolio yield" }, { "detail": "$832.65M across 7 offerings between 2016 and Jan 2020", "metric": "Capital raised since IPO" }, { "detail": "Cost of equity ~5.38% versus 13%+ asset yield — arbitrage Grizzly views as unsustainable", "metric": "Implied cost of equity vs portfolio yield" }, { "detail": "$2.6M per year, ~2.5x IIPR's CEO salary, while running outside venture IQHQ", "metric": "Alan Gold compensation" }, { "detail": "$195M unfunded TI commitments as of 12/31/2019, plus ~$25M already-made but unfunded improvements", "metric": "Funding obligations to tenants" }, { "detail": "$22.29 per share vs $69.05 current — ~68% downside", "metric": "Independent price target" } ], "closingAsk": "Investors should recognize that IIPR's flawed business model, dependence on capital raises, and overstated asset values point to substantial downside, and should not be deceived by sell-side reports continuing to push the stock.", "extraction": { "at": "2026-04-22 23:11:22+00", "model": "unknown-legacy", "runId": null, "seconds": 117.963776, "promptVersion": null }, "scqaReward": "Independent sum-of-the-parts and yield-adjusted valuation supports a price target of $22.29 per share, implying roughly 68% downside from the $69.05 share price at the time of publication.", "thesisTypes": [ "fraud_exposure", "other" ], "top3Reasons": [ "38-49% of 2020 rental income at risk from insolvent or near-insolvent cannabis tenants", "Pattern of massive overpayments (5x-14x in days) suggests sham deals bordering on fraud", "Pyramid-scheme dynamics: rising dividend financed by capital raises, not sustainable cash flow" ], "scqaSituation": "IIPR is a publicly traded REIT that buys industrial properties from cannabis operators and leases them back at advertised yields above 13%, funded by repeated equity raises totaling $832M since its 2016 IPO.", "thesisSummary": "Grizzly Research argues that Innovative Industrial Properties (NYSE:IIPR), a cannabis-focused REIT, has accumulated a toxic portfolio of low-quality assets through sale-leasebacks at outrageous yields with cash-strapped tenants like PharmaCann, Vireo, DionyMed and MJardin who are already insolvent or near-insolvent. On-the-ground due diligence at properties in Pennsylvania, Illinois, Michigan and Arizona reveals empty land, unbuilt construction, and deed records showing 5x to 14x markups within days of IIPR's purchases — patterns Grizzly says border on fraud and resemble sham transactions to keep tenants like PharmaCann afloat. The firm estimates 38-49% of 2020 rental income is in jeopardy and that the rising dividend has the hallmarks of a pyramid scheme, financed by capital raises rather than sustainable yields. 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"x": 0.11, "y": 0.305 }, "kind": "paragraph", "text": "The aggregate represents a total investment of $89,109,000 (excluding the remaining tenant improvements available but not used totaling $42,400,000) and a total annual rental income of approximately $18,794,000.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f2b79e9-48c2-40b0-9562-1e62446ecd58", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.365 }, "kind": "paragraph", "text": "PharmaCann acquired by MedMen for US$680M in October 2018 but the transaction was terminated a year later by MedMen in October 2019. The latest available financials for PharmaCann, filed as exhibits to publicly traded MedMen’s financials, paint a devastating picture. As of June 30, 2019, PharmaCann’s balance sheet looked horrendous, having accumulated $101,882,753 in liabilities, and the majority of the $13,870,311 in other assets consists of goodwill. PharmaCann was running at a quarterly burn from operations of $6.5M and was in urgent need of continuous financing to survive. With cash of $13,441,003 in the bank as of June 30, 2019 PharmaCann had about two quarters left (excluding investing activities) before it ran dry without outside financing. With the MedMen deal falling apart, PharmaCann might be in serious solvency issues, and we found more strong signs for that during our due diligence.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45175a25-9b9c-4cf1-b803-1180b6d3b7b9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.195 }, "kind": "paragraph", "text": "PharmaCann represents IIPR first and most important tenant in terms of income, representing more than one quarter of its total rental revenue with 26.2% in 2019 and 17% of the expected rental revenue in 2020.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b3e41a4-48d1-4865-a651-6b7d4169da72", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.66 }, "kind": "paragraph", "text": "PharmaCann’s Co-founder and Chief Executive Officer, Teddy Scott, who was involved in the company since its inception in 2014, resigned from his position in August 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a129fb8-9fda-48cd-9492-dbc63844fc83", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "We spoke with several industry experts who confirmed PharmaCann is in a dire financial situation. We were also told that due to funding challenges and HSR provisions (antitrust) restricting integration efforts, PharmaCann operations were set back by over a year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d2c5f08-d85e-41c0-8a0d-550bfe23e177", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.24 }, "kind": "paragraph", "text": "PharmaCann is a private cannabis operator and under a lease agreement with IIPR for 5 properties. Those properties are located in different states: New York, Massachusetts, Pennsylvania, Ohio and Illinois. Again, all individual leases are listed in the Appendix.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86c85e3b-2936-4cc4-8958-a42963c73a68", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.705 }, "kind": "paragraph", "text": "All of PharmaCann’s cultivation properties are now encumbered so it doesn’t have further sale-leaseback alternatives and with private capital in cannabis heavily challenged, the company’s financial position can only become more dire. PharmaCann canceled in February 2020 the $4.0M construction funding commitment for its Pennsylvania facility. Is this a sign that the company is about to throw in the towel and declare bankruptcy?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1cbfd6d-77bb-4c64-a126-a38ee80bdf7e", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "The MedMen deal failing apart had additional immediate negative consequences for PharmaCann. As part of the termination agreement, PharmaCann paid a termination fee to MedMen through a transfer of the membership interests in three entities (including a cultivation facility and two retail location in Illinois, as well as a license for vertically integrated facility in Virginia), which further deteriorated its credit quality. MedMen had advanced PharmaCann $3.4 million in the period between December 23, 2018 and June 30, 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.663+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f24ccd91-6faa-4d18-8c26-d92c1eba2116", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.42, "x": 0.29, "y": 0.17 }, "kind": "title", "text": "2.1 PharmaCann – IIPR’s By Far Biggest Client", "attrs": null, "canon": { 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The purchase price was $18M, with up to $7M reimbursement for improvement. This was right after MedMen officially canceled the deal with PharmaCann, putting PharmaCann’s financial future at increased jeopardy. The deal terms are outrageous. We have identified the property to be located on 1200 E Mason Ave, Dwight, IL, 60420, parcel # 05-05-02-300-015", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f5126b4-862b-406e-b42b-8753b6a5a80e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.47 }, "kind": "paragraph", "text": "However, according to a news report, construction was severely delayed and only began in December 2019 as they only received final construction approval in October. PharmaCann spokesman Jeremy Unruh indicated that the property would be up and running in the second quarter of 2020. However, our research indicates that the property is far from completion. Moreover, due to the coronavirus breakout, we can expect severe delays in the construction. Why is PharmaCann willing to pay $3M in annual rent for an empty piece of land? According to IIPR’s footnote disclosure in the latest 10k, about $2.4M in construction funding already went into this property, but of that portion IIPR only funded about $745,000. So IIPR is still on the hook for the residual $1.6. We didn’t see the $2.4M improvements when we visited the property in person. We question whether the money IIPR sent to PharmaCann was used to further development of this lease, or to make rent payments on existing leases with IIPR. The worsening financial situation of PharmaCann suggests IIPR has thrown good money after bad in this case for the sake of keeping its key tenant afloat in the short term.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.394+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d25eec16-aa01-4610-95da-6692254ceb74", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "PharmaCann spokesman Jeremy Unruh indicated that the property would be up and running in the second quarter of 2020.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:32:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f8-7007-94e1-009cbeb9454c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.44 }, "kind": "source-note", "text": "Source: Exhibit C on development agreement", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"textChars": 1169, "nDataPoints": 18, "notes": "Includes a bear logo (likely short-seller branding), sales history table, Google Maps screenshot, building permit table, and tax information table.", "elementsJson": [ "paragraph", "data_table", "screenshot", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:08:36.275+00", "seconds": 3.389, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-e29456cbe117/13", "deck": "/decks/019dd923-622c-750b-8b9a-e29456cbe117", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-e29456cbe117#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9a-e29456cbe117.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.37 }, "kind": "callout", "text": "We dare to ask the question: Did this property really increase by over 10x in value or did IIPR inject money into its struggling main tenant?", "attrs": null, 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According to deed records, the property was sold for $1.75M in 08/16/2018 to PharmaCann before selling for $18M on 10/30/2019 to IIPR. 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We see construction to the right of the greenhouses, of what appears to be the early construction of an empty warehouse.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:36.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a82a0638-c255-4bbc-939e-8a4baa2f014d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.29 }, "kind": "paragraph", "text": "However, according to pictures from Google Maps, and our on the ground due diligence the property is still consisting of Steel Structures similar to ones built in 2015. 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In fact, their intangible assets went from a very small $2,184,565 in December 31, 2018 to $38,149,913 as of September 30, 2019 while their operating expenses have just doubled, thus we believe that they are not yet operating most of their newly acquired licenses. Also, as of September 30, 2019, their net loss is $19,884,720, ten times more than the same period a year before with a loss of $1,894,732. 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Those acquisitions don't represent much in terms of tangible assets and basis for future borrowing, according to their last quarterly filings; Only $4 million in tangible assets was acquired for a total investment of around $46.7 million. 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IIPR charges tenants about 14% on the investment, which also means that along with exaggerated purchase prices and improvements comes a high rent.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:37.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9687fb2-c27d-4418-8261-2379ccbce3fe", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.66 }, "kind": "paragraph", "text": "A couple of transactions are truly staggering, and one starts to wonder at what point this becomes fraud. We made an effort to analyze the merits of each individual deal, and concluded that out of 37 properties identified, 29 of them had obvious and significant issues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:37.252+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa9f3abb-4d66-4b21-9993-271065d83ff6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.12, "y": 0.58 }, "kind": "source-note", "text": "Source: Company Filings, Grizzly Research Analysis. Note: Discount refers to adjustments made by Grizzly Research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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According to deed records, the property transaction price has gone up from $930,000 to $4.8M in merely a week! 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It appears construction has just started.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:40.525+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6c232c0-b85d-4f85-9204-655a8cb40e7c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.12, "y": 0.8 }, "kind": "source-note", "text": "Source: County deed records", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12436646-bcd7-4ca0-8562-c8957001e83a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "We identify the address to be 40800 Executive, Harrison Township, MI 48045", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", 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This transaction seems clearly prearranged to put money into the pockets of Emerald Growth Partners. We dare to ask again: Is IIPR really just a bank for low quality cannabis companies? 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At the very least, a higher portion of IIPR’s 2020 rental income is in jeopardy. Direct negative impacts from Covid-19 on IIPR and its tenants include:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:38.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "460e7123-29e7-4341-a885-63cad45049a3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.85 }, "kind": "paragraph", "text": "We believe the impacts of COVID-19 are not yet priced into the stock. 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In our Appendix where comprehensively analyze each lease we explain in detail our reasons for applying a discount for each individual property.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:43.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60d7bf05-1468-4e57-92ea-379f697c55b2", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.1, "y": 0.42 }, "kind": "paragraph", "text": "This spreadsheet shows our comprehensive bottom up analysis of every single lease we have identified. 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Again, the detailed reasons for the application of a discount on each property are listed in our Appendix.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:39.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6209624f-749a-4c43-8724-dcc7905a4a3b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.11, "y": 0.63 }, "kind": "source-note", "text": "Source: Company Filings, Grizzly Research LLC", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We expect that the dividend will have to be reduced substantially.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:38.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bacdcdc8-6946-47c3-8292-6fb6a7c5cd9f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.66 }, "kind": "source-note", "text": "Source: Company Filings, Grizzly Research Analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The company focused on life science office developments and Alan Gold is currently a Director and Executive Chairman. Given Alan Gold's profile and selected subsector of his new entity, we have reason to believe Alan's attention is stretched too far.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60940663-73b5-4b1b-a127-1d2eca3e3be5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "We see many striking similarities between IIPR and WeWork. WeWork has recently made headlines through its failed IPO along with the departure of its CEO and founder Adam Neumann.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bdc4ddd-b45e-4a42-8ea7-5e70f31c4b9f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "Both businesses are flawed real estate models. WeWork had a run on the bank when it couldn't manage to access financing through a public offering. Similarly, we believe there is a high risk for IIPR to get into serious financial issues once investors realize the low quality of IIPR's assets and how dependent the company really is on equity raises.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a210bae1-ca41-40dd-8d13-bd4248f969b3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.76 }, "kind": "paragraph", "text": "IQHQ is already taking on big projects with a $270M purchase of Fenway Office-Medical Property in Boston; This is larger than any other project that IIPR is involved with. The project includes a main 22-story high-rise building, a 12-story mid-rise building, and a shared use automated garage that will be accessible to both buildings. This seems to us far more sophisticated and financially/time/labor-consuming than any of IIPR's projects.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb4b3b2e-a364-4813-a117-97ed5cff71b1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "WeWork and IIPR also have in common that they promise their investors a differentiated business model and high-quality assets. WeWork liked to present itself as a community and technology company. IIPR pretends to have found the holy grail of real estate yields by renting to cannabis operators. We simply do not see how IIPR buying warehouses and empty land for outrageous mark-ups creates low risk yields over 14%. The yield on investment might be initially high, but as we have shown in this report it is extremely risky and in a lot of cases the risks have already materialized (bankrupt tenants, empty land/construction way behind schedule, etc.).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1c58dd7-2b24-40f9-ae28-274327e8d2b0", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "Both companies are led by a young dynamic/charismatic CEO/founder. While Neumann has already departed as CEO of WeWork Alan Gold is still maintaining his official roles with IIPR. However we can't help but feel that Alan Gold is looking to exit the company given his new extensive side ventures (we comment on this more in the section below).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:41.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcae1ac8-6b61-4cc3-bed5-aa18eda76054", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.49 }, "kind": "title", "text": "6.1 Is Alan 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"attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:39.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35bc033f-0d40-40df-aa01-83e6bd7d455d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "book value per share: $46.84", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or 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IIPR has meaningful obligations towards its tenants to fund improvements, amounting as of December 31st 2019 to $195M.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:39.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35308a21-e5cf-4306-bbdb-7b0c0c0a97e4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.41 }, "kind": "paragraph", "text": "However, investors should also pay attention to the reimbursement options that IIPR extended to certain tenants including Trulieve and Grassroots, amounting according to the company's 10K to approximately $53.8M.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:39.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f3f5ba4-2488-4e21-b7c9-01827313585b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.09 }, "kind": "paragraph", "text": "Alan Gold has not yet officially resigned from any of his positions with IIPR and the company continues to pay him over $2.6M per year. 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Green Peak... $15.2M. DionyMed... $2M.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:08:39.809+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6ecadf2-411d-4c2f-b25a-53ffda12362b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.1, "y": 0.19 }, "kind": "title", "text": "7 Our Independent Analysis Suggests Significant Downside", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": 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